A flood of cash was ploughed into building telecommunications systems in the 1990s, with generally bad results for the original investors. Some companies went through bankruptcy, but more or less came out the other side still functioning. Others collapsed completely, with the assets selling at fire sale prices.
The most glorious of those failures had to have been Iridium. Backed by Motorola, it launched a low earth orbit constellation of 66 satellites that were designed to communicate with brick-sized phones from any point on or over the planet.… More